This story was updated at 3:45 p.m. on Sept. 30, 2022, to include a comment from Rockville Mayor Bridget Donnell Newton
Morguard, a Canadian real estate firm, has acquired the retail portion of Rockville Town Square, the firm announced earlier this week.
Morguard acquired the 183,000-square-foot retail development for $33 million from Federal Realty Investment Trust, according to Morguard.
Morguard previously bought the Fenestra Apartments in the mixed-use development in 2017, the firm noted in a press release.
“This acquisition along with our ownership and management of Fenestra Apartments gives Morguard the opportunity to better execute on our long-term vision,” Chairman and CEO K. Rai Sahi said in the release.
A Federal Realty spokesperson could not immediately be reached for comment Friday.
Rockville Mayor Bridget Donnell Newton wrote in a text message on Friday that “Morguard is a great opportunity for the city and our Town Square.”
“They are excited to be here and I am looking forward to their team bringing creative ideas and new energy which can revitalize our town center,” she wrote.
Store Reporter previously reported on the acquisition on Thursday.
Dan Schere can be reached at Daniel.schere@bethesdamagazine.com